WEEKLY TIMEFRAME
The price has been bouncing in the descending channel so far.
i) If the price breaks the channel, it would move upwards as it should form inverse head and shoulders pattern if the price broke the channel and continue towards the neckline which is a very strong level.
ii) We could see that the price is forming the head and shoulders pattern having the neckline at 0.703-0.7 which is actually a strong demand zone. So, if the price breaks the neckline, we could watch the price go low.
Note: There is a possibility of the price to reversed before crossing the head of the inverse head and shoulders pattern.
Have a successful trading, guys.
The price has been bouncing in the descending channel so far.
i) If the price breaks the channel, it would move upwards as it should form inverse head and shoulders pattern if the price broke the channel and continue towards the neckline which is a very strong level.
ii) We could see that the price is forming the head and shoulders pattern having the neckline at 0.703-0.7 which is actually a strong demand zone. So, if the price breaks the neckline, we could watch the price go low.
Note: There is a possibility of the price to reversed before crossing the head of the inverse head and shoulders pattern.
Have a successful trading, guys.